1) Which of the following is a method/s of keeping records of financial entries of daily financial activities in a systematized manner? a) single entry only                       b) double entry only    c) debit entry only                     d) both single and double entry 2) State the principle rule of double entry book keeping. a) debit the giver and credit the receiver b) debit the person giving and credit the person receiving        c) debit the receiver and credit the giver  d) an account which is giving should never be credited and vice versa 3) What do we call a transaction who's double entry system is completed within the cash book? a) Drawings  b) Contra entry c) Sales entry d) Purchases entry 4) “Posting” the transactions to the ledger in bookkeeping means a) Making the first entry of double entry b) Entering items in a cash book c) Making the second entry of a double entry transaction d) Something other than the above 5) Mention the two aspects of double entry system. a) The account distributing and the account giving b) The account receiving and the account accepting  c) The account receiving and the account giving d) The single account performing both receiving and giving 6) According to the double entry system, the receiving account is always .......  a) credited b) both debited and credited c) Debited     d) neither debited nor credited 7) The recording of two aspects of a transaction involves …………… a) Double entry   b) Accounting equation c) Debit entry d) Credit entry 8) Why is it important to identify the accounts involved in every business transactions? a) In order to complete a double entry system correctly. b) In order to enter a single entry system correctly. c) In order two know the account which is receiving only d) In order to identify the account giving only 9) Which accounting concept is the double entry system based or drawn? a) Dual Aspect Concept  b) Prudence Concept c) Materiality  d) Consistency Concept 10) According to the double entry system, the giving account is always ....... a) Debited    b) Debited and vice versa c) Credited                                                  d) both debited and credited

DOUBLE ENTRY: Explain Double Entry

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